Economic, Productive & Financial Performance Of Alberta Cow/Calf Operations

Benchmarks for Alberta Cattlemen Economics & Competitiveness Economic, Productive & Financial Performance Of Alberta Cow/Calf Operations Comparing: Southern Alberta Total, Southern Alberta Low Cost, and 5 Year Southern Alberta Low Cost Management Groupings (combining Fescue Grassland, Moist Mixed Grassland & Mixed Grassland Grass Types) Production Year - 2010 October, 2012 Agriculture and Rural Development

Forward This AgriProfit$ Cost & Returns Report presents the productive, economic & financial performance of cow/calf producers in the Southern Region for the 2010 production year. Field research was undertaken through Alberta Agriculture's AgriProfit$ Business Analysis & Research program with the cooperation of producers in the region. The intent of this report is to benchmark three specific management groupings: - a regional average including all AgriProfit$ participants in the Fescue Grassland, Mixed Grassland & Moist Mixed Grassland grass types. - an average of the "low cost" herds in the region during 2010. This "Low Cost" average includes the lower 50% of producers in the pool as ranked by total costs / lb. of calf weaned*. - a five year average of the "low cost" herds in South Alberta. This long term average includes producers in the lower half of each year group as ranked by total costs / lb. of calf weaned. Cost and returns profiles for common forage and grazing crops in the grass type / region are included in this benchmark report in order to put these profit centers into context with the cow herd profiles they support. A list of definitions for common terms employed in this benchmark report is also appended. The primary value of this report is to enable producers to gauge their productive, economic and financial performance relative to their peers locally and provincially. Benchmark analysis, comparing to one's own detailed cost and returns analysis, is the first critical step in identifying operational strengths and weaknesses in a cow/calf operation. The map above illustrates the location of each grass type region within Alberta. This package only reports the results of one specific grass type region. If you are interested in obtaining information on specific regions, please contact the Economics Unit at: J.G. O'Donoghue Building #302, 7000-113 Street Edmonton, Alberta T6H 5T6 Tel: (780) 422-3771 Fax: (780) 427-5220 * For this analysis total production cost (TPC) per lb. weaned was the primary criteria for identifying the top management herd groupings. It should be noted, however, that there are several other factors that may contribute to the success of a cow/calf operation. **Note: Regional & top management groups had sufficient full farm observations to develop the farm financial benchmarks only these are used to develop the farm level financial performance indicators. Enterprise productive & economic information is developed based upon the whole Alberta sample. Dale A. Kaliel Sr. Economist: Production Economics Alberta Agriculture, Food & Rural Development October-12 Page 1

Historical Review of Alberta Cow/Calf Operations Economic, Financial & Productive Performance: 2006-2010 Benchmark Comparables: Southern Alta vs. 06-10 S. Alta 5 Year Low TPC Group Enterprise Type: Weaned-Calf Enterprise Economic Performance: Major Unit Cost & Returns Groups - - - - - $ / Lb. Weaned - - - - - S.AB 5Yr 2006 2007 2008 2009 2010 Low TPC Weaned Calf Value 1.153 0.943 1.013 0.995 1.253 1.084 Winter Feed & Bedding Costs 0.258 0.267 0.269 0.316 0.346 0.260 Pasture Costs 0.458 0.450 0.501 0.461 0.517 0.445 Labour Costs 0.094 0.089 0.092 0.077 0.079 0.086 Other Variable Costs 0.151 0.141 0.129 0.132 0.149 0.123 Fixed Costs 0.075 0.100 0.084 0.071 0.079 0.060 Total Production Costs 1.036 1.047 1.075 1.057 1.170 0.974 Farm Financial Performance Indicators: S.AB 5Yr ROAD to Profitability 2006 2007 2008 2009 2010 Low TPC Risk (Debt to Asset Ratio) 0.06 0.15 0.07 0.16 0.17 0.08 Operating Expense Ratio 0.55 0.70 0.65 0.83 0.53 0.60 Asset Return 0.01 0.02 0.01 0.00 0.04 0.02 Debt Payout 3.73 7.53 7.55 85.48 4.81 3.40 to Profitability 61,704 71,007 56,398 7,202 145,690 110,977 The "3-C's" Current Ratio 5.25 2.39 3.10 2.67 3.38 5.24 Calif. Working Cap. Ratio 1.80 0.57 0.88 0.66 0.94 1.32 Capital Turnover Rato 0.06 0.13 0.06 0.10 0.11 0.09 Farm Size (Acres) 12,649 8,454 10,636 9,494 10,136 16,632 Debt to Assets = Total Liabilites / Total Assets Operating Expense Ratio = Operating Expenses / Value of Production Return on Assets = Return on Assets / Total Farm Assets Debt Payout = Total Liabilities / Net Farm Income Profitability = Net Farm Income Current Ratio = Current Assets / Current Liabilities Calif. Working Cap. Ratio = Working Capital / Total Expenses Capital Turnover = Value of Production / Total Farm Assets Farm Size = Total Acres in crops, forages & grazing (includes all acres owned, rented & leased) Productive Performance Indicators: S.AB 5Yr 2006 2007 2008 2009 2010 Low TPC Calf Crop (%) 84.7 85.5 83.9 85.9 78.2 84.8 Lbs. Weaned/Cow Wintered 506.3 491.9 522.7 514.8 494.4 509.3 Wean Wt as a % of Cow Wt. 42.5 42.6 44.3 43.5 42.8 43.3 Feeding Season Days 109.0 112.9 103.2 115.8 118.4 108.3 Tonnes Fed per Cow (as fed) 2.3 2.3 2.1 2.1 2.2 1.9 G rowth (weaning weight) 551.0 526.6 540.9 552.3 551.6 546.7 O pen Cows (%) 8.0 7.5 10.8 8.7 12.9 8.4 L ength of Calving Period 81.7 88.4 83.1 92.6 92.7 81.5 D eath Loss of Calves (%) 2.7 3.8 3.9 3.5 5.5 3.6 Page 2

Historical Review of Alberta Cow/Calf Operations (cont'd) Benchmark Comparables: Southern Alta, by Year Enterprise Type: Weaned-Calf Cow/Calf Enterprise Unit Costs, Southern Alberta Total, by Year 1.40 $ / Lb. Weaned 1.20 1.00 0.80 0.60 0.40 Feed & Bedding Pasture Labour Oth. Variable Costs Fixed Costs 0.20 Southern Alta Low TPC 1/2 0.00 2006 2007 2008 2009 2010 Year Frequency Distributions: Selected Economic & Production Indicators, Southern Alberta Total, 2010 vs. 5 Year S. Alta Low Cost Group Total Production Cost Feed, Bedding & Pasture Cost 70% 60% S.Alta Total - '09 S.Alta-5Yr Low TPC 90% 80% S.Alta Total - '09 S.Alta-5Yr Low TPC PerCent of Herds 50% 40% 30% 20% PerCent of Herds 70% 60% 50% 40% 30% 20% 10% 10% 0% <0.80 <1.00 <1.20 <1.40 <1.60 <1.80 2.00+ 0% <0.60 <0.80 <1.00 <1.20 <1.40 <1.60 1.60+ Cost Class: $/Lb. Weaned Cost Class: $/Lb. Weaned Return to Equity Lbs. Weaned / Cow Wintered 45% 40% S.Alta Total - '09 S.Alta-5Yr Low TPC 80% 70% S.Alta Total - '09 S.Alta-5Yr Low TPC 35% 60% PerCent of Herds 30% 25% 20% 15% PerCent of Herds 50% 40% 30% 10% 20% 5% 10% 0% < (0.45) < (0.30) < (0.15) < 0.00 < 0.15 < 0.30 0.30 + Profit Class: $/Lb. Weaned 0% <450 <500 <550 <600 <650 <700 700+ Productivity Class: Lbs. Weaned / Cow Wintered Page 3

2010 Cow/Calf Enterprise Overview Economic & Physical Performance Comparisons Benchmark Comparables: Southern Alta Total & Low Cost; S. Alta 5 Year Low TPC Groups Enterprise Type: Weaned-Calf Economic Performance Indicators: $ / Lb. Weaned Southern Alta S.AB 5Yr Production Stock Sales 1.253 1.262 1.084 Value of Production 1.464 1.612 1.042 Winter Feed Costs 0.342 0.306 0.257 Bedding Costs 0.004 0.002 0.003 Pasture Costs 0.517 0.481 0.445 Labour Costs 0.079 0.089 0.086 Other Variable Costs 0.149 0.132 0.123 Depreciation & Capital Lease Payments 0.052 0.040 0.042 Other Fixed Costs 0.027 0.016 0.018 Total Cash Costs 1.080 0.993 0.882 Total Production Costs 1.170 1.067 0.974 Contribution Margin 0.373 0.601 0.128 Gross Margin 0.384 0.619 0.160 Return to Investment 0.303 0.550 0.072 Return to Equity & Management 0.294 0.545 0.068 Total Investment ($ / cow wintered) 1,591 1,654 1,416 Physical Performance Indicators: Southern Alta S.AB 5Yr Southern Alta S.AB 5Yr Conception Rate (%) 86.0 88.8 90.5 Cows Wintered 289.3 337.0 324.3 Calving Rate (%) 96.8 97.4 97.2 Cows per Bull 23.4 20.8 21.2 Weaning Rate (%) 94.0 94.8 96.5 Labour Hours per Cow 3.3 3.5 3.7 Calf Crop (%) 78.2 81.9 84.8 AUM's/Cow Wintered 11.4 11.4 11.1 % Calved - 1st 2 Cycles 90.3 92.8 90.7 Feeding Season Days 118.4 115.7 108.3 Lbs. Weaned/Cow Exposed 431.6 456.5 463.7 Tonnes Fed per Cow Lbs. Weaned/Cow Wintered 494.4 512.7 509.3 - as-fed 2.2 1.9 1.9 Wean Wt as a % of Cow Wt. 42.8 44.4 43.3 - dry matter Weight per Day of Age (lbs.) 2.39 2.52 2.51 Southern Alta S.AB 5Yr G rowth (weaning weight) 551.6 557.0 546.7 O pen Cows (%) 12.9 9.8 8.4 L ength of Calving Period 92.7 82.6 81.5 D eath Loss of Calves (%) 5.5 4.5 3.6 Page 4

2010 Cow/Calf Enterprise Overview Economic & Financial Performance Comparisons Benchmark Comparables: Southern Alta Total & Low Cost; S. Alta 5 Year Low TPC Groups Enterprise Type: Weaned-Calf Economic Performance Indicators: $ / Cow Wintered Southern Alta S.AB 5Yr Production Stock Sales 619.73 646.97 552.23 Value of Production 723.99 826.46 530.71 Winter Feed Costs 169.19 157.10 130.79 Bedding Costs 2.04 1.08 1.46 Pasture Costs 255.47 246.54 226.76 Labour Costs 38.90 45.77 43.78 Other Variable Costs 73.91 67.77 62.55 Depreciation & Capital Lease Payments 25.63 20.61 21.60 Other Fixed Costs 13.35 8.20 8.96 Total Cash Costs 534.19 509.22 449.38 Total Production Costs 578.49 547.06 495.91 Contribution Margin 184.48 308.22 65.36 Gross Margin 189.80 317.25 81.34 Return to Investment 149.80 282.07 36.44 Return to Equity & Management 145.51 279.41 34.80 Financial Performance Indicators: ROAD to Profitability Southern Alta S.AB 5Yr Risk (Debt to Asset Ratio) 0.17 0.05 0.08 = Total Liabilites / Total Assets Operating Expense Ratio 0.53 0.46 0.60 = Operating Expenses / Value of Production Asset Return 0.04 0.04 0.02 = Return on Assets / Total Farm Assets Debt Payout 4.81 1.04 3.40 = Total Liabilities / Net Farm Income to Profitability 145,689.93 219,439.93 110,976.80 = Net Farm Income The "3-C's" Current Ratio 3.38 8.53 5.24 = Current Assets / Current Liabilities Calif. Working Cap. Ratio 0.94 1.58 1.32 = Working Capital / Total Expenses Capital Turnover Rato 0.11 0.10 0.09 = Value of Production / Total Farm Assets Farm Size (Acres) 10,136 16,265 16,632 = Total Acres in crops, forages & grazing (includes all acres owned, rented & leased) Page 5

2010 Cow/Calf Enterprise Overview Physical Performance Comparisons Benchmark Comparables: Southern Alta Total & Low Cost; S. Alta 5 Year Low TPC Groups Lbs/Weaned Calf 558 556 554 552 550 548 546 544 542 Average Weaning Weight % of Females Exposed 14.00 12.00 10.00 8.00 6.00 4.00 2.00 Average Percentage of Open Cows 540 0.00 95 Length of Calving Season 6.00 Death Loss (Calves) 90 5.00 Days 85 80 75 70 65 % of live calves born 4.00 3.00 2.00 1.00 60 0.00 Per Cent (%) 100 98 96 94 92 90 88 86 84 82 80 Management Performance Rates Southern Alta '10 Low TPC S.AB 5Yr Low TPC Conception Rate Calving Rate Weaning Rate Calf Crop Per Cent of Cows Wintered Cow/Calf Production Management Stages 120% Southern Alta 115% S.AB 5Yr Low TPC 110% '10 Low TPC 105% 100% 95% 90% 85% Exposed Wintered Calved Livebirths Weaned Page 6

2010 Cow/Calf Enterprise Overview Economic Performance Comparisons Benchmark Comparables: Southern Alta Total & Low Cost; S. Alta 5 Year Low TPC Groups 0.70 0.60 Margins Total Cost Break Evens 0.50 $/Lb Weaned 0.40 0.30 0.20 0.10 Cash Costs Feed & Pasture 0.00 Gross Margin Return to Equity 0.00 0.50 1.00 1.50 $/Lb Weaned S.AB 5Yr Low TPC '10 Low TPC Southern Alta $/Cow Wintered 450 400 350 300 250 200 150 100 50 0 Feed Cost Comparison $ Per Cow Wintered 50 45 40 35 30 25 20 15 10 5 0 Labour Costs vs Fixed Costs Labour Costs Fixed Costs Feed & Bedding Pasture Days on Feed 1.20 Cow Herd Feed & Grazing Cost @ CMV 1.20 Grazing Production Costs $ / Animal Unit Day 1.00 0.80 0.60 0.40 0.20 $ / Animal Unit Day 1.00 0.80 0.60 0.40 0.20 0.00 Feed Grazing 0.00 Cash Cost Tot. Prod'n Cost Page 7

Cow/Calf Enterprise Unit Cost & Returns Detail - 2010 Economic Performance Comparisons Southern Alta S.AB 5Yr ------------------ $/Lb Weaned ------------------ (A) 1. Weaned Calves 1.25 1.26 1.08 2. Feeder Calves 0.00 0.00 0.00 3. Slaughter Cattle 0.00 0.00 0.00 4. Purebred Calves 0.00 0.00 0.00 5. Baby Calves 0.00 0.00 0.00 6. Cull Cows/Open Heifers 0.30 0.27 0.19 7. Bulls 0.04 0.04 0.03 8. Bred Cows/Bred Heifers 0.02 0.01 0.01 9. Miscellaneous Receipts 0.00 0.00 0.00 10. Government Programs 0.00 0.00 0.00 11. Inventory Adjustment 0.38 0.59 0.13 12. Less: Cattle Purchases 0.52 0.55 0.40 Value of Production 1.46 1.61 1.04 (B) 1. Winter Feed 0.34 0.31 0.26 2. Bedding 0.00 0.00 0.00 3. Pasture 0.52 0.48 0.45 4. Veterinary & Medicine 0.03 0.03 0.02 5. Breeding Fees/Bull Rental 0.00 0.00 0.00 6. Trucking & Marketing Charges 0.03 0.03 0.03 7. Fuel 0.02 0.02 0.02 8. Repairs - Machine 0.02 0.02 0.02 9. Repairs - Corrals & Buildings 0.01 0.01 0.01 10. Utilities & Miscellaneous Expenses 0.02 0.02 0.02 11. Custom Work & Specialized Labour 0.01 0.01 0.00 12. Operating Interest Paid 0.00 0.00 0.00 13. Paid Labour & Benefits 0.04 0.05 0.04 14. Unpaid Labour 0.04 0.04 0.05 Variable Costs 1.09 1.01 0.91 (C) 1. Share/Lease Cattle Payments 0.01 0.00 0.00 2. Taxes, Water Rates, Lic. & Insurance 0.01 0.01 0.01 3. Equipment & Building a) Depreciation 0.05 0.04 0.04 b) Lease Payments 0.00 0.00 0.00 4. Paid Capital Interest 0.01 0.01 0.00 Total Capital Costs 0.08 0.06 0.06 (D) Cash Costs (B+C-B14-C3) 1.08 0.99 0.88 (E) Total Production Costs (B+C) 1.17 1.07 0.97 (F) Gross Margin (A-D) 0.38 0.62 0.16 Return to Unpaid Labour (A-D+B14) 0.34 0.58 0.12 Return to Investment (A-E+C4) 0.30 0.55 0.07 Return to Equity (A-E) 0.29 0.54 0.07 Page 8

Cow/Calf Enterprise Unit Cost & Returns Detail - 2010 Economic Performance Comparisons Southern Alta S.AB 5Yr ----------------- $/Cow Wintered ----------------- (A) 1. Weaned Calves 619.70 646.97 552.13 2. Feeder Calves 0.00 0.00 0.00 3. Slaughter Cattle 0.00 0.00 0.00 4. Purebred Calves 0.00 0.00 0.00 5. Baby Calves 0.03 0.00 0.10 6. Cull Cows/Open Heifers 147.77 137.18 96.70 7. Bulls 19.23 19.92 12.76 8. Bred Cows/Bred Heifers 7.56 4.25 7.09 9. Miscellaneous Receipts 0.00 0.00 0.01 10. Government Programs 0.13 0.00 0.51 11. Inventory Adjustment 188.44 302.28 64.30 12. Less: Cattle Purchases 258.86 284.13 202.89 Value of Production 723.99 826.46 530.71 (B) 1. Winter Feed 169.19 157.10 130.79 2. Bedding 2.04 1.08 1.46 3. Pasture 255.47 246.54 226.76 4. Veterinary & Medicine 15.35 12.95 11.12 5. Breeding Fees/Bull Rental 0.30 0.00 0.06 6. Trucking & Marketing Charges 16.55 16.11 14.81 7. Fuel 9.33 8.98 9.39 8. Repairs - Machine 11.00 11.00 8.07 9. Repairs - Corrals & Buildings 3.81 4.23 6.47 10. Utilities & Miscellaneous Expenses 11.15 10.06 9.73 11. Custom Work & Specialized Labour 5.07 3.38 2.24 12. Operating Interest Paid 1.34 1.05 0.67 13. Paid Labour & Benefits 18.09 27.32 18.21 14. Unpaid Labour 20.81 18.45 25.57 Variable Costs 539.51 518.25 465.35 (C) 1. Share/Lease Cattle Payments 3.24 0.00 2.43 2. Taxes, Water Rates, Lic. & Insurance 5.81 5.54 4.90 3. Equipment & Building a) Depreciation 23.49 19.39 20.97 b) Lease Payments 2.14 1.22 0.64 4. Paid Capital Interest 4.30 2.66 1.64 Total Capital Costs 38.98 28.81 30.56 (D) Cash Costs (B+C-B14-C3) 534.19 509.22 449.38 (E) Total Production Costs (B+C) 578.49 547.06 495.91 (F) Gross Margin (A-D) 189.80 317.25 81.34 Return to Unpaid Labour (A-D+B14) 166.31 297.85 60.37 Return to Investment (A-E+C4) 149.80 282.07 36.44 Return to Equity (A-E) 145.51 279.41 34.80 Total Investment 1,590.59 1,654.41 1,416.31 Page 9

2010 Forage & Pasture Enterprise Cost & Returns Analysis Southern Alta - - - - - Forages - - - - - - - - - - Pastures - - - - - Tame Native Alfalfa Grain Grass Swath Grassland /Grass Hay Greenfeed Silage Pasture Grazing Pasture Average field size (acres) 125.0 132.9 167.6 339.7 134.2 1,109.0 Number of Observations 23 10 8 19 6 76 ------------$/Tonne------------ --------------------$/AUM-------------------- (A) 1. Crop Sales 71.15 96.03 43.60 22.33 21.51 22.49 2. Crop Insurance Receipts 0.00 0.00 0.62 0.00 0.00 0.00 3. Miscellaneous Receipts 0.00 0.00 0.00 0.00 0.00 0.00 4. Government Programs 0.00 0.00 0.00 0.00 0.00 0.00 5. Straw / Aftermath Grazing 2.43 1.80 0.33 0.00 0.00 0.00 Gross Return 73.58 97.82 44.55 22.33 21.51 22.49 (B) 1. Seed 0.00 5.28 1.77 0.00 2.08 0.00 2. Fertilizer 2.18 5.93 2.28 0.00 3.72 0.00 3. Chemicals 0.00 2.44 1.87 0.00 2.40 0.00 4. Crop Insurance Premiums 0.81 4.03 1.01 1.44 1.19 2.00 5. Trucking & Marketing 0.00 0.00 0.00 0.00 0.00 0.00 6. Fuel 3.07 8.97 0.95 1.05 1.05 1.09 7. Irrigation Fuel & Electricity 0.00 0.00 0.00 0.00 0.00 0.00 8. Repairs - Machinery 4.16 4.86 0.49 0.77 0.18 0.65 9. Repairs - Buildings 0.15 0.19 0.06 0.80 0.11 1.08 10. Utilities & Misc. Expenses 3.29 5.25 0.55 0.80 0.09 0.46 11. Custom Work & Specialized Labour 0.67 1.05 4.55 0.00 1.46 0.03 12. Operating Interest Paid 0.15 0.78 0.06 0.27 0.03 0.07 13. Paid Labour & Benefits 3.95 6.58 0.43 0.61 0.03 0.65 14. Unpaid Labour 2.80 4.26 0.34 1.06 0.18 1.05 Variable Costs 21.25 49.61 14.37 6.79 12.53 7.08 (C) 1. Cash/Share Rent & Land Lease 1.83 3.79 0.71 1.54 0.78 4.31 2. Taxes, Water Rates, Lic. & Insurance 1.29 2.85 0.53 1.80 0.31 1.06 3. Equip. & Bldg. a) Depreciation 7.99 9.69 1.40 1.22 0.25 1.03 b) Lease Payments 0.01 0.12 0.13 0.54 0.03 0.14 4. Paid Capital Interest 1.49 1.24 4.11 1.82 0.53 1.55 Total Capital Costs 12.60 17.69 6.89 6.92 1.90 8.09 (D) Cash Costs (B+C-B14-C3) 23.06 53.34 19.51 11.43 14.00 13.10 (E) Total Production Costs (B+C) 33.85 67.30 21.26 13.71 14.43 15.18 (F) Gross Margin (A-D) 50.52 44.48 25.03 10.89 7.52 9.39 Return to Unpaid Labour (A-E+B14) 42.53 34.79 23.63 9.67 7.27 8.36 Return to Investment (A-E+C4) 41.22 31.76 27.39 10.44 7.61 8.86 Return to Equity (A-E) 39.73 30.53 23.29 8.62 7.08 7.31 Return on Investment (%) 9.2 4.2 17.4 1.3 4.3 1.4 Total Investment ($/acre) 819.41 1,175.97 1,187.51 609.65 934.21 156.20 Management Yield per Acre (tonnes or AUM's) 1.83 1.56 7.56 0.75 5.24 0.25 Expected Market Price ($/unit) 71.15 96.03 43.60 22.33 21.51 22.49 * Cost and returns profiles include/combine all tenure types owned, rented & leased. Page 10

Definitions & Explanations to Accompany the Cow/Calf Enterprise Overview Production Stock Sales revenues associated with the sale of weaned calves & other non-breeding stock related sales. Value of Production (VOP) the value of what was produced by the cow/calf enterprise over the course of the production year. Includes cash & non-cash values of: cull & breeding stock sales, revenues from miscellaneous sources (eg. Program payments, patronage refunds, etc) as allocated to the cow/calf enterprise, inventory adjustments relating changes in the number & value of stock included in the enterprise, an adjustment for livestock purchases (value is added only from the point of purchase forward) Winter Feed Costs the cost of all feeds used by the cow/calf enterprise, purchased or homegrown, based on the market value of these feeds (not the cost of raising the feeds). Pasture Costs the value of grazing used by the cow/calf enterprise (exclusive of any other retained ownership/backgrounding uses). Pasture is valued into the cow/calf enterprise at market value (not cost) & is treated as a cash cost. Labour Costs a sum of paid & contributed labour, as allocated to the cow/calf enterprise. Paid labour is valued at cost, while unpaid labour is valued at a standard or base cost. Depreciation & capital Lease Payments sum of depreciation & mach./equip t/bldg. lease payments on assets allocated to the cow/calf enterprise. Other Fixed Costs total cash overheads, as allocated to the cow/calf enterprise (share/lease cattle payments, property taxes, insurances, licenses & term loan interest). Total Cash Costs sum of enterprise cash costs, considering home grown feeds, bedding & pasture as cash costs. Total Production Costs sum of all variable& fixed production costs. Contribution Margin VOP less Variable Costs Gross Margin VOP less Total Cash Costs Return to Investment VOP less Total Production Costs Plus Term (Capital) Interest Paid Return to Investment VOP less Total Production Costs Plus Term (Capital) Interest Paid Return to Equity & Management VOP less Total Production Costs. Investment sum of assets allocated to the enterprise. Includes: breeding stock, machinery, equipment, buildings/facilities & building site (only) Breeding Performance Rates (adjusted for sales & purchases of bred cattle) Conception rate (%) - # Bred / # Exposed Calving Rate (%) - # Livebirths / # Bred Females Weaning Rate (%) - # Weaned / # Exposed Calved in 1 st 2 Cycles (%) - # Calved Cycle 1 & 2 Total Calved Lbs, Weaned/Cow Exposed - Lbs. Weaned/Cow Wintered - Weaned Wt. As % of Cow Wt. - (adjusting bred heifer wts.) Weight per day of Age (lbs.) Total Lbs. Weaned # Females Exposed Total Lbs. Weaned # Bred Females Exposed Avg. Lbs. Weaned Avg. Mature Cow Wt. Avg. Lbs. Weaned Wtd Avg Wean Age Cows Wintered Open Inventory of Bred Cows & Heifers Cows / Bulls - # Cows & Heifers Exposed / # Bulls Used Labour Hours / Cow Total Labour Hrs / Cows Wintered AUM s / Cow Wintered Feeding Season Days Days Fed (in yard) Tonnes fed per Cow As fed Dry Matter Total Enterprise AUM s Cows Wintered Tonnes Total Feed (As-Fed) # Cows Wintered Tonnes Total Feed (Dry Matter) # Cows Wintered GOLD Indicators Growth (Wean wt.) - Total Lbs.Weaned # Calves Weaned Open Cows (%) - # Open Cows & Heifers # Exposed Length of Calving Period Days from 1 st to last calf Death Loss of Calves (%) - # Calves Died Live Births